Homeowners Can Buy Back Foreclosed Homes at Fair MArket Value

For more information please call 954*495*9867 or 520-405-1688

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After Years of wrangling, the government sponsored entities, Fannie and Freddie have changed their policy. They had a questionable “rule” that homeowners could not be permitted to buy back their homes after a foreclosure sale. But now they can. Effectively this allows homeowners to enforce a principal correction where fraudulent inflated appraisals served as the basis for the loan contract. This in large part is a victory for Martha Coakley, attorney general for Massachusetts. Whether the banks will cooperate, since they are still in control of the properties, remains to be seen. My bet is that it will take litigation to force the banks to accept offers from homeowners who lost their homes in foreclosure. Or, the bank will require the homeowner to waive rights to sue for damages in order for their offer to be accepted.

see http://realtime.blog.palmbeachpost.com/2014/12/29/foreclosed-homeowners-do-unthinkable-under-new-policy/

15 Responses

  1. As the market peaks so Wilbur Ross wants nothing further to do with the underachiever Ocwen any more.

  2. At the end of 2006 I called the market top for RE, which occurred in July 2007. All indicators point to a market top in June 2015, and you will all see that i was right come 2016.

    BAC and Morgan Stanley are both good short positions to open in January, and for those that purchased SWIR at 18 – it is time to take profits. It can be repurchased at 37 for a long-term hold.

    This what I am doing in January 2015.

    TSMIMITW

  3. @ Deborah Wynn, you know exactly what happens with a modified loan… Why do you think they run an NPV Test? It has nothing to do with the homeowners. It is a decision engine (just like Do / DU) and it merely determines if a benefit exists to resecuritize the loan along with thousands of other reperforming notes into a GSE Trust for just that… Reperforming loans.

    As far as reverse mortgages. people want solutions. Banks are not liars or thieves, just like guns do not kill people.

    What Neil, and all the “commenting folks” missed in this article was the key piece of data hidden between the lines… The GSE’s just called a market top for RE going into 2015.

    Mark my words – they have more trend lines and research at their finger tips,and the GSE’s can get far more granular than Shiller or any other report… The market has peaked once again, and the cheap money will be sucked from the global economy.

  4. What about when your home was paid off and illegally stolen without any knowledge because the MGL ch 244 sec 14 was ignored? Is Martha going to expose the corrupt & unethical Judges or is she going to be another fox guarding the hen house???????

  5. Is there a time limit ?
    Mine was foreclosed 2 years ago and I qualified for a program !
    Citimortgage was invincible !

  6. Those with half a clue went into BK to get the automatic stay to protect their rights, a BK is on your credit report for a looong time, who will loan you the money, the trustee for BK has your money unless you came out voluntarily, and lost the house anyway

  7. Im with Aman as far as when and why did it have to become so opaque.

  8. Npv – none of it is real, thats the whole problem, we do not know what they are doing with the instrument and fannie and freddie are as corrupt as any. ” the house went ” back” to fannie MAe, how come, what happened in between makes no sense but its that inbetween that brought the economy down and those like myself lost everything they ever worked for. I do not want to do business with these people they are liars, and theives.

  9. @ Charles Reed

    Many of those same homeowners can get reverse mortgages with a realistic property value as a pay off.

  10. In Florida, one could do it but the deficiency will still be there against the Homeowner, so they can do a deficiency judgment.

  11. Nothing about this adds up. ???????

  12. CR, good point. It is still all about the F^&king money!

  13. NG, I think your fearless forecast is correct. As long as the banks are not nailed and prosecute, it will still take litigation to get them under control.

  14. No Tranperancy = Corruption, If you dont produce proof of claim you dont have transparency.

    NEVER AGAIN

  15. Were do foreclosed home owners get monies to buy something they could not afford monthly payment on?

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